China Sustainability "China Green Export Monthly: May edition" Lam

Research evidence excerpt

China Sustainability "China Green Export Monthly: May edition" Lam

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China Sustainability Equities

Asia PacificChina Green Export Monthly: May edition

Global Sustainability

Jarvis Lam

Key Highlights Analyst

China's New Three (EV ,solar, batteries) exports remained resilient at c.US jarvis.lam@ubs.com

$19bn in May (-4% MoM/+35% YoY), remaining close to the historical peak +852-2971 7701

reached in March as energy security becomes priority in key markets. Victoria Kalb

Analyst

Europe remained the largest overseas market but moderated (-14% MoM/ vicki.kalb@ubs.com

+22% YoY), accounting for 37% of total New Three exports from China. +65-6495 4584

Solar was the key drag, with exports falling to US$2.2bn (-29%MoM/-7%YoY), Charles Fruitiere

likely reflecting the impact of export VAT rebate removal. Analyst

charles.fruitiere@ubs.com

Battery and EV exports remained strong at US$8.5bn (flat MoM/+34%YoY) +44-20-7567 4123

and US$8bn (flat MoM/+55%) in May respectively, while stronger shipments to

Alisa Dudchak

Australia partially offset weaker European EV demand. Analyst

alisa.dudchak@ubs.com Electrical equipment exports remained solid at US$13bn in May (-3% MoM/

+44-20-7567 0844

+10% YoY), supported by electrification and energy security investment.

Leigha Miyata

May update: Growth remains resilient as export mix rotates beyond solar Analyst

We introduce the May edition of our China Green Export Tracker, a monthly series leigha.miyata@ubs.com

+81-3-5208 7101

leveraging the UBS Evidence Lab China export database to monitor high-frequency

developments in China's green exports. May data continues to point to resilient external Lydia Brunton

demand as New Three exports remained near historical highs at c.USD19bn.